Pension firm keeps oil companies on short leash: "Need a concrete plan for exiting oil"

The business model of oil firms isn't tenable in the long term due to the green energy transition, says pension provider Pensam, whose current exclusion list features a string of oil outfits including Aker, Equinor and Chevron.

Photo: Russell Cheyne/Reuters/Ritzau Scanpix

Chevron and ExxonMobil were the first oil companies to be excluded from Pensam's investment universe. Then came Aker and Equinor, and the most recent additions to the list of excluded companies have made the pension company's blacklist grow to a total of 324 businesses.

Investors are posing strict requirements for a green agenda in investment portfolios, making it harder for oil and other energy companies to convince them that they can see a way out of their current business area, oil, in the foreseeable future.

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